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Elon Musk sells chunk of Tesla shares worth $3.6B

Elon Musk sold a massive chunk of Tesla shares worth $3.6B

According to a financial report released Wednesday night, Tesla CEO Elon Musk sold an additional 22 million shares of his electric car company valued at around $3.6 billion.
According to the documents submitted to the Securities and Exchange Commission, the transactions happened this week.

Musk informed his many social media fans this year that he had “no additional TSLA sales planned” after April 28.

Musk sold 94,202,321 shares this year for pre tax revenues of nearly $22.93 billion at an average price of $243.46 per share, according to financial data firm VerityData.

Musk’s past sales, dating back to November 2021, were precisely timed, so Tesla shareholders should focus on Musk’s deeds rather than his words — or lack thereof — when it comes to his recent selling, according to Ben Silverman, director of research at VerityData, in an email to CNBC on Wednesday.

After deciding to purchase Twitter in a deal valued at about $44 billion, he nevertheless continued to sell some of his significant Tesla holdings. Finally, late in October, the deal was finalized. Musk quickly named himself the head of the social media firm while also serving as CEO of SpaceX, a significant defense contractor.

Musk said he sold Tesla stock to “rescue” Twitter after taking control of the social media platform.

Tesla stock has been falling all year, and since he assumed that new duty, it has fallen even further.

The market value of Tesla decreased to $495 billion on Wednesday after its shares closed 2.6% lower at $156.80. As of Wednesday’s close, shares of Tesla were down 55% for the year.